Entravision Q3 Net Revenue Fell 8%, Declares Dividend

RADIO ONLINE | Thursday, November 5, 2020

Entravision Communications

Entravision Communications reported net revenue fell 8% to $62.9 million from $68.8 million in 2019. Consolidated adjusted EBITDA grew 79% to $16.37 million from $9.1 million. Free cash flow was up to $10.5 million from $326,000. The Hispanic broadcaster posted a net income of $9 million (11 cents per diluted share) as compared with a net loss of $12.2 million (-14 cents) in the year-ago period.

"Entravision had a strong third quarter compared to the second quarter with revenues improving across all three of our operating segments," said Chairman/CEO Walter F. Ulloa. "A key driver of our progress in the third quarter was our television and radio political advertising sales, which outpaced our expectations and have continued strong during the election cycle. We also continued to execute on our cost-cutting measures to ensure that our Company remains well positioned to weather the impacts of COVID-19. Operating expenses declined 21% for the quarter compared to the prior year period."

Ulloa continued, "Subsequent to quarter end, we announced a strategic majority investment in Cisneros Interactive, a digital advertising company serving over 2,000 brands and agencies each month across the United States and Latin America. We believe this investment will further advance our digital service offerings for our global client base, while positioning our combined platforms to become one of the largest premier digital advertising companies serving the U.S. Hispanic and Latin American markets. Our balance sheet remains strong, and overall we are pleased with our third quarter results. Our operating segments are making progress in the right direction following the lows experienced in the second quarter, and we are cautiously optimistic about our future prospects."

Additionally, Entravision has announced a quarterly cash dividend of $0.025 per share on the company's Class A, Class B and Class U common stock, in an amount of $2.1 million. The quarterly dividend will be payable on December 31, 2020 to shareholders of record as of the close of business on December 16, 2020, and the common stock will trade ex-dividend on December 15.